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1/30/2018

OBG REPORT SAYS THAT INVESTOR CONFIDENCE ON NIGERIAN ECONOMY RISING

The inaugural edition of the
Business Barometer: Nigeria CEO Survey by the global research and consultancy
firm

Oxford Business Group (OBG), suggests that investor confidence on the
rise in the country

As part of its latest survey,
which was undertaken in partnership with Deloitte Nigeria, OBG asked more than
100 high-level executives from across the country’s industries a wide-ranging
series of questions on a face-to-face basis aimed at gauging business
sentiment.

Attended by several government
ministers and about 200 CEOs, the conference, which was held at Deloitte
Nigeria’s premises in Lagos, considered the outlook for the national economy in
2018, while also charting its resilience through the recession. Keynote
speakers at the conference included: Dr. Doyin Salami of Lagos Business School,
Mr. Ben Akabueze, the Director General of Budget office of the Federation, Ms.
Yewande Sadiku, Executive Secretary/CEO of Nigeria Investment Promotion
Commission, Dr. Tunde Fowler, Executive Chairman of Federal Inland Revenue
Services. The West Africa CEO of Deloitte, Mr. Fatai Folarin and Deloitte’s
West Africa Tax Leader, Mr. Yomi Olugbenro and other senior business leaders
were also in attendance.

Deloitte’s West Africa CEO, Fatai
Folarin, said at the event that “Deloitte strongly believes in the ‘Nigeria
project’ and has a strategic priority of actively promoting and supporting
government policies and initiatives that are geared towards economic growth and
development”. He reiterated Deloitte’s motivation as transcending profits, because
the Firm measures success by the impact it make in the society.

From the respondents surveyed by
OBG, 84% described their expectations for local business conditions in the
coming 12 months as either positive or very positive. Three-quarters also said
they were likely or very likely to make a major investment in the approaching
year.

However, the survey also
highlighted some of the key challenges that business leaders face. These
included borrowing, with 90% of those surveyed rating access to credit as
either difficult or very difficult. In addition, three-quarters of CEOs
described their level of satisfaction with suppliers and service providers as
either low or very low.

In response to a question on
attributes needed for the workplace, just over half (58%) cited leadership as
the skill most in need, ahead of research and development, and engineering.

Commenting on the results, Souhir
Mzali, OBG’s Regional Editor for Africa, said that while Nigeria was hit
particularly hard by the fall in oil prices, recent developments, such as a
rise in the stock exchange’s All Share Index, power reforms and increases in
staple crop production, suggested that the country was now eyeing a new phase
of sustainable growth.

“Clearly, there are still plenty
of issues to tackle if Nigeria is to stoke growth to pre-2014 levels, or indeed
higher, notably access to finance,” she said.

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